Square Is Up 100% on Its $50 Million Bitcoin Purchase

Following MicroStrategy, the Bitcoin-friendly fintech company Square shocked the space earlier this year when it revealed it would be deploying capital into BTC. The large Silicon Valley firm spent $50 million from its balance sheet, around 1% of its assets, on BTC. This marked the second time a U.S. based publicly listed company had put BTC onto its balance sheet as an investment.

While some thought this move was foolish, Square is now up over 100% on that investment. Square joins MicroStrategy and a number of other firms and funds that have made extremely successful investments in BTC over the past few months.

How To Get Free Crypto  
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Square’s Bitcoin Investment Moons

As noted by a Bitcoin Twitter account tracking market prices, Square’s BTC investment is now up by over 100%:

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

“Square’s #Bitcoin position has now 𝗱𝗼𝘂𝗯𝗹𝗲𝗱 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲. On October 7, 2020, Square, Inc. purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Purchase price: $10,617 Current price: $21,400,”

Of note, Square is far from the only firm to have made a successful investment in Bitcoin over recent months.

Just earlier today, Guggenheim’s Scott Minerd, their global CIO, said that his firm started to allocate capital to Bitcoin at around $10,000. He did not disclose through which vehicle they made that investment, though they should now be up by over 100% on the initial purchase.

Similarly, Wall Street billionaire investor Paul Tudor Jones is up by more than 100% on his firm’s initial purchase of BTC prior to the halving earlier this year.

The returns that these Bitcoin investments are driving are expected to draw in even more Wall Street firms in the months ahead.

Coinbase Banner  
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Further Gains on The Horizon

Analysts think that this market will move even higher in the long run.

The aforementioned global CIO of Guggenheim, Scott Minerd, told Bloomberg that he thinks Bitcoin will hit $400,000 in this market cycle.

He largely cited the scarce nature of the leading cryptocurrency. $400,000 would mean that Bitcoin’s market capitalization may almost surmount that of the precious metal gold.

$400,000 is also a price target mentioned by investors like the Winklevoss Twins of Gemini.

More and more investors are acknowledging that BTC is likely to be a better investment in the years ahead than gold.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Square Is Up 100% on Its $50 Million Bitcoin Purchase

Go to Source
Author: Nick Chong

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.